NLR Acreage Acquisition Approaches $2.7 Million (Real Deals)

by George Waldon  on Monday, Jun. 30, 2014 12:00 am  

More than 420 acres in North Little Rock near the intersection of Interstates 40 and 440 were sold for $2.69 million. Approximate location shaded on map.

More than 420 acres on the eastern edge of North Little Rock changed hands in a transaction valued at $2.69 million.

Northside Property Development Inc., led by Ben Allen Jr., acquired the land near the northwest corner of Interstates 40 and 440.

The seller is 2007 DeHaven Family Ltd., led by Jay DeHaven.

The property is helping secure a six-year loan of $3.67 million from Bank of Little Rock.

The land previously was tied to an October 2007 mortgage of $2.5 million held by the bank.

The limited partnership purchased the tract for $1.1 million in April 2007 from the estate of Thomas Villareal, Judith Villareal-Boaz and Josephine Smith.

Convenient Combo

The sale of two Citgo convenience stores added up to a $1.4 million combo deal.

Sultan Inc., led by Chodry Shahbaz Cheema, bought the 6116 Crystal Hill Road project in North Little Rock and the 224 E. Bingham Road project in Little Rock.

The seller is KSA Investment Group Inc., led by Mohammad Lone.

The deal is financed with a $1.1 million loan from Centennial Bank of Conway.

The 1-acre Crystal Hill development previously was linked with a June 2010 mortgage of $600,000 held by the Yelenich Family Trust, led by R.J. Yelenich. It was purchased from the trust for $750,000 four years ago.



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